PRISTUP FINANSIJSKOM TRŽIŠTU EVROPSKE UNIJE PUTEM REŽIMA EKVIVALENTNOSTI – NOVI PRAVCI RAZVOJA INSTITUTA U SVETLU BREXIT-A

Autori

  • Aleksandra Višekruna Institut za uporedno pravo, Beograd

Ključne reči:

Evropska unija, Brexit, finansijske usluge, ekvivalentnost, pristup jedinstvenom tržištu

Apstrakt

Jedinstveno tržište Evropske unije (engl. Single Market) pruža učesnicima brojne mogućnosti u pogledu slobode pružanja usluga. Države koje nisu članice Evropske unije, niti članice Evropskog ekonomskog prostora mogu ostvariti pristup jedinstvenom tržištu pod određenim uslovima, ali taj pristup nikada neće biti u potpunosti izjednačen sa onim koji imaju kompanije iz država članica. Modaliteti pod kojima se odobrava pristup razlikuju se po uslovima koje kompanije moraju da ispune, kao i po širini prava koje garantuju nakon što se odobri pristup jedinstvenom tržištu. Mehanizam koji daje potencijalno najširi pristup podrazumeva utvrđivanje ekvivalentnosti između pravnog sistema države nečlanice i pravnog sistema Evropske unije. Ovaj režim postoji već dve decenije, ali je u poslednjih pet godina doživeo značajnu transformaciju. Jedan od motora promena bio je i izlazak Ujedinjenog Kraljevstva iz Evropske unije (Brexit).

Izlaskom iz Evropske unije, UK se nalazi u položaju "treće države" (engl. third country) i podleže primeni režima pristupa jedinstvenom tržištu koji važe za njih. Model uređenja odnosa između EU i ove države je ipak specifičan – za razliku od drugih država nečlanica, prati ga snažan dezintegracioni efekat – UK se povlači iz EU, ali praktične okolnosti nameću potrebu da se njihovi odnosi urede. 

U radu će se prvo predstaviti geneza modela uređenja odnosa između EU i UK, osnovne karakteristike ekvivalentnosti koja se identifikuje kao mehanizam koji daje najšira prava pristupa finansijskom tržištu EU za treće države, a potom će se sagledati novi pravci razvoja  ovog instituta pre svega u svetlu Brexita.

##plugins.generic.usageStats.downloads##

##plugins.generic.usageStats.noStats##

Reference

Armour, J. Brexit and Financial Services, 8, https://ssrn.com/abstract=2892679, posećena: 26. 9. 2017.

Barnier, M. "Brexit: new realities and lessons learned for Europe", u: Europa in turbulenten Zeiten Referate zu Fragen der Zukunft Europas 2020/21 (Hrsg. A. Kellerhals), EIZ Publishing, Zurich 2022, 83-99.

Berger, H., Badenhoop, N. Financial services and Brexit: navigating towards future market access, European Business Organization Law Review, 19(2018)4, 679-714. https://doi.org/10.1007/s40804-018-0124-4

Böckli P. et al., The Consequences of Brexit for Companies and Company Law, University of Cambridge Faculty of Law Research Paper, 22(2017), https://ssrn.com/abstract=2926489, posećena: 5. 9. 2017.

Bonacorsi, L. Quo vadis the UK? The Future of Equivalence in Brexit Negotiations, https://ssrn.com/abstract=3670623, posećena: 25. 5. 2022.

Case T-496/11, United Kingdom of Great Britain and Northern Ireland v. European Central Bank, ECLI:EU:T:2015:133.

Ćeranić, J., Glintić, M. Evropska unija nakon Breksita – sa posebnim osvrtom na kontinentalno partnerstvo kao model za redefinisanje odnosa između Ujedinjenog Kraljevstva i EU, Pravni život, (2017)12, 397-411.

Donelly, S. Post-Brexit financial services in the EU, Journal of European Public Policy (2022), 1-20. https://doi.org/10.1080/13501763.2022.2061579

European Parliament – Directorate-general for International Policies, Implications of Brexit on EU Financial Services, 2017, https://www.europarl.europa.eu/RegData/etudes/STUD/2017/602058/IPOL_STU(2017)602058_EN.pdf, posećena: 5. 2. 2018.

Hahn, M. The Day After: Access to the Single Market in Times of Brexit, Equivalence and Extraterritoriality, Zeitschrift für Europarechtliche Studien, 21(2018)4, 409-420. https://doi.org/10.5771/1435-439X-2018-4-409

House of Lords European Affairs Committe, The UK-EU relationship in financial services, https://committees.parliament.uk/publications/22728/documents/167235/default/, posećena: 18. 7. 2022.

Lannoo, K. "EU Financial Markets After Brexit", u: After Brexit (eds. N. da Costa Cabral, J-R. Gonçalves, N. Cunha Rodrigues), Palgrave Macmillan Cham 2017, 385-396. https://doi.org/10.1007/978-3-319-66670-9_17

Lopandić, D. Između integracije i krize: Evropska unija nije više ono što je bila?, Revija za evropsko pravo, 18(2016)2-3, 5-21.

Lopandić, D. Zajednička trgovinska politika Evropske unije i nova generacija sporazuma o slobodnoj trgovini, Revija za evropsko pravo, 20(2018)1, 49-61.

Moloney, N. Brexit, the EU and Its Investment Banker: Rethinking 'Equivalence' for the EU Capital Market, LSE Law, Society and Economy Working Papers, 5(2017), https://eprints.lse.ac.uk/73429/1/WPS2017-05_Moloney.pdf, posećena: 6. 9. 2017.

Moloney, N. Financial services under the Trade and Cooperation Agreement: reflections on unfinished business for the EU and UK, Brexit Institute Working Paper Series, (2021)3, https://ssrn.com/abstract=3783135, posećena: 2. 6. 2022. https://doi.org/10.2139/ssrn.3783135

Moloney, N. Reflections on the EU third country regime for capital markets in the shadow of Brexit, European Company and Financial Law Review, 17(2020)1, 35-71. https://doi.org/10.1515/ecfr-2020-0002

Nästega, E. Equivalence Decisions in the EU and UK Financial Services Sectors Post-Brexit, European Business Law Review, 33(2022)3, 463-475. https://doi.org/10.54648/EULR2022021

Pennesi, F. Equivalence in the area of financial services: An effective instrument to protect EU financial stability in global capital markets?, Common Market Law Review, 58(2021)1, 39-70. https://doi.org/10.54648/COLA2021003

Quaglia, L. The Politics of 'Third Country Equivalence' in Post-Crisis Financial Services Regulation in the European Union, West European Politics, 38(2015)1, 167-184. https://doi.org/10.1080/01402382.2014.920984

Sowels, N. 'Ever Greater Divergence', but…: The Ongoing Saga of Brexit and Financial Services, The Political Quarterly, 93(2022)1, 121-129. https://doi.org/10.1111/1467-923X.13106

Van Kerckhoven, S. Post-Brexit leadership in European finance, Politics and Governance, 9(2021)1, 59-68. https://doi.org/10.17645/pag.v9i1.3705

Višekruna, A. "Brexit i nova slika poslovnog sveta EU", u: Globalizacija i glokalizacija: međunarodni tematski zbornik (ur. U. Šuvaković, V. Čolović, O. Marković-Savić), Filozofski fakultet Univerziteta u Prištini, Srpsko sociološko društvo, Institut za političke studije, Kosovska Mitrovica-Beograd 2017, 151-160.

Višekruna, A. The access to the EU financial market for the companies from non-member states, EU and comparative law issues and challenges series, 2(2018), 656-671. https://doi.org/10.25234/eclic/7131

Wymeersch, E. "Some Aspects of the Impact of Brexit in the Field of Financial Services", u: Capital Markets Union in Europe (eds. D. Busch, E. Avgouleas, G. Ferrarini), Oxford University Press, Oxford 2018. https://doi.org/10.1093/oso/9780198813392.003.0005

Propisi i drugi akti

Communication from the Commission to the European Parliament, the Council, the European Central Bank, the European Economic and Social Committee and the Committee of the Regions, Equivalence in the area of financial services, COM(2019) 349 final, Brussels, 29. 7. 2019, https://eur-lex.europa.eu/resource.html?uri=cellar:989ca6f3-b1de-11e9-9d01-01aa75ed71a1.0001.02/DOC_1&format=PDF.

Consolidated version of the Treaty on European Union, OJ C 326, 26.10.2012, p. 43–44.

Regulation (EU) No 648/2012 of the European Parliament and of the Council of 4 July 2012 on OTC derivatives, central counterparties and trade repositories Text with EEA relevance OJ L 201, 27. 7. 2012, p. 1–59.

Regulation (EU) 2019/2099 of the European Parliament and of the Council of 23 October 2019 amending Regulation (EU) No 648/2012 as regards the procedures and authorities involved for the authorisation of CCPs and requirements for the recognition of third-country CCPs PE/88/2019/REV/1 OJ L 322, 12.12.2019, p. 1–44.

Internet izvori

Lehmann, M. News from the EU-UK Battle over Derivatives Clearing, https://www.law.ox.ac.uk/business-law-blog/blog/2022/02/news-eu-uk-battle-over-derivatives-clearing, posećena: 1. 6. 2022.

EY Financial Services Brexit Tracker: Movement within UK financial services sector stabilises five years on from Article 50 trigger, https://www.ey.com/en_uk/news/2022/03/ey-financial-services-brexit-tracker-movement-within-uk-financial-services-sector-stabilises-five-years-on-from-article-50-trigger, posećena: 2. 6. 2022.

Hall, S., Heneghan, M. Despite the Memorandum of Understanding, uncertainty remains for the post-Brexit City, https://ukandeu.ac.uk/despite-the-memorandum-of-understanding-financial-services-remains-at-risk/, posećena: 2. 6. 2022.

##submission.downloads##

Objavljeno

12-10-2022